Blaming a marked decline in the computer games market, the GAME Group has posted a massive £51.5 million loss for the 26 weeks to July 2011.
The news marks a rapid increase in the £21.5 million pre-tax loss the group posted in the same period last year. GAME representatives since cited a 10.5 percent drop in sales revenue as a key reason for the group's poor financial performance.
"Like many other retailers, we believe that trading conditions will remain tough for the remainder of the year, and have set our plans accordingly," commented CEO Ian Shepherd to Gamesindustry.biz. "We are determined to again outperform a difficult market this Christmas, by using our unique specialist position to give customers the very best choice and value."
The company later clarified its belief that the downturn was indicative of a wider slump in the market. Specifically, it claimed total hardware sales were down 13.7 percent and software sales were down by 16.5 percent.